Find out the opportunities and challenges you may face when making and acquisition in Post Communist Countries.

1. Mergers & Acquisitions in Post-Communist Countries Corporate Legal Strategies for M&A 19-21 May 2010, Asmsterdam Serghei Vahnovan +40 744-667-225 vahnovan@gmail.com This presentations is intended for educational purposes only and does not replace independent professional advice. Statements of fact and opinions expressed are those of the author and, unless expressly stated to the contrary, are not the opinion or position of the OAO Mechel, its shareholders, affiliates or its management. OAO Mechel does not endorse or approve, and assumes no responsibility for the content, accuracy or completeness of the information presented. The author does not in the ordinary course update, revise or correct any of the information contained in these presentation, or edit or otherwise correct any portion of any presentation, and the information contained in this presentation may no longer be accurate. FULL DISCLAIMER IS LOCATED IN APPENDIX 1

2. Mechel at a Glance Mechel is a Russian vertically integrated mining, steel, ferroalloys and power group. Shares are listed on New York Stock Exchange, MICEX, RTS; Mechel has a successful track record of acquisitions. Assets located in Russia, USA, Romania, Lithuania, Bulgaria, Kazakhstan. Business strategy envisions additional acquisitions and continued integration; Serghei Vahnovan · May 2010 · page

3. Investing in Post-Communist Countries: Risks versus Opportunities Serghei Vahnovan · May 2010 · page

9. Legal System: Weakness and Uncertainties Serghei Vahnovan · May 2010 · page

14. Due Diligence: Local Flavors Serghei Vahnovan · May 2010 · page

30. Privatisation: a different type of acquisition Serghei Vahnovan · May 2010 · page

36. Drafting and Negotiating the Agreement Serghei Vahnovan · May 2010 · page

43. Appendix 1 Global Disclaimer The information and opinions in this presentation are believed by author to be reliable and have been obtained from public sources believed to be reliable. However, the author makes no representation as to the accuracy or completeness of such information. The author may be have an interest in and open buy or sell proprietary positions in securities mentioned in this presentation. Opinions, estimates and projections in this presentation constitute the current judgment and opinion of the author as of the date of this presentation. They do not necessarily reflect the opinions of OAO Mechel and are subject to change without notice. The author has no obligation to update, modify or amend this presentation or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate. This presentation is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular investment strategy in any jurisdiction or as an advertisement of any financial instruments. The investments discussed in this presentation may not be suitable for all investors and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. If a investment is denominated in a currency other than an investor’s currency, a change in exchange rates may adversely affect the price or value of, or the income derived from the investment, and such investor effectively assumes currency risk. In addition, income from an investment may fluctuate and the price or value of investments described in this presentation, either directly or indirectly, may rise or fall. Furthermore, past performance is not necessarily indicative of future results. The information contained in this presentation does not constitute the provision of investment advice. The information, interpretation, opinions and advice submitted herein are not in the context of an investment consultancy service. Investment consultancy services are provided by brokerage firms, portfolio management companies and banks that are not authorized to accept deposits through an investment consultancy agreement to be entered into such corporations and their clients. The interpretation and advices herein are submitted on the basis of personal opinion of the relevant interpreters and consultants. Such opinion may not fit your financial situation and your profit/risk preferences. Accordingly, investment decisions solely based on the information herein may not result in expected outcomes. The information, interpretation, opinions and advice submitted herein are not in the context of, and do not constitute, any appraisal or evaluation activity requiring a license in the Russian Federation. This presentation may not be reproduced, distributed or published by any person for any purpose without author's prior written consent. Please cite source when quoting. Copyright © 2010 Serghei Vahnovan May 2010